Heavy machinery manufacturer Caterpillar (CAT.US) announced that sales in the third quarter fell by 4% year-on-year to $16.1 billion due to slowing demand, with net profit dropping nearly 12% to $2.464 billion. Adjusted earnings per share were $5.17, both below market expectations.

Caterpillar stated that it currently expects full-year revenue to be slightly lower than previous forecasts. However, due to price increases offsetting the impact of slowing sales, the company is maintaining its full-year adjusted operating profit margin and earnings per share expectations.